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| Japan PM axes ministers and stakes reputation on tax reforms to cut debt | Japan PM axes ministers and stakes reputation on tax reforms to cut debt |
| (30 days later) | |
| Japan's prime minister, Yoshihiko Noda, has replaced five cabinet ministers in an attempt to win opposition support for unpopular tax rises that could yet sink his administration. Noda, who assumed office last September, says the tax reforms are needed to address soaring welfare costs and huge public debt. The most controversial is a two-stage doubling of the consumption (sales) tax to 10% over the next three years. Japan's public debt is more than 200% of GDP and last month the ratings agency Fitch cut its sovereign credit rating, citing social security costs. | Japan's prime minister, Yoshihiko Noda, has replaced five cabinet ministers in an attempt to win opposition support for unpopular tax rises that could yet sink his administration. Noda, who assumed office last September, says the tax reforms are needed to address soaring welfare costs and huge public debt. The most controversial is a two-stage doubling of the consumption (sales) tax to 10% over the next three years. Japan's public debt is more than 200% of GDP and last month the ratings agency Fitch cut its sovereign credit rating, citing social security costs. |
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